* JIM'S MARKET THOUGHT OF THE DAY *

Attention U.S. stock index traders: The bull markets in the stock indexes are mature ones. This means the indexes are ripe for corrective pullbacks that could become steep in a hurry. Those thinking about getting in on the long side now might want to wait to get in during a significant corrective pullback. And those bears thinking about "top-picking" the market should wait for a significant technical clue to suggest near-term market tops are in place.--Jim

U.S. STOCK INDEXES

The stock indexes are firmer in early morning electronic trading. Bulls still have the near-term technical advantage in the indexes.

June S&P 500: The shorter-term moving averages (4-, 9- and 18-day) are still fully bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Short-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Today, shorter-term technical support comes in at the overnight low of 1,486.70. Sell stops likely reside just under that level. More sell stops likely reside under shorter-term technical support at 1480.00. Upside resistance for active traders today is located at Monday's contract high of 1,494.70 and then at 1,500.00. Buy stops are likely located just above those levels. Wyckoff's Intra-day Market Rating: 8.0

PIVOT POINT LEVELS FOR JUNE S&P 500:

Pivot:------------ 1,486.80
1st Support:------ 1,482.25
2nd Support:------ 1,476.00
1st Resistance:--- 1,493.00
2nd Resistance:--- 1,497.60

June Russell 2000: The shorter-term moving averages (4- 9-and 18-day) are bullish early today. The 4-day moving average is above the 9-day. The 9-day average is above the 18-day. Short-term oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical support is located at 830.00. Sell stops likely reside just below that level, and then more sell stops are likely located just below technical support at Tuesday's low of 824.00. On the upside, short-term resistance is seen at this week's high of 835.20. Buy stops are likely located just above that level. More buy stops are likely located just above resistance at the contract high of 838.30. Wyckoff's Intra-Day Market Rating: 7.0

PIVOT POINT LEVELS FOR JUNE RUSSELL 2000:

Pivot:------------ 829.90
1st Support:------ 826.10
2nd Support:------ 820.20
1st Resistance:--- 835.80
2nd Resistance:--- 839.60

June Dow: For today, sell stops likely reside just below support at Tuesday's low of 12,948 and then more stops just below support at 12,900. Buy stops likely reside just above shorter-term technical resistance at this week's contract high of 13,035 and then just above resistance at 13,100. Shorter-term moving averages are bullish early today, as the 4-day moving average is above the 9-day. The 9-day moving average is above the 18-day moving average. Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Wyckoff's Intra-Day Market Rating: 8.0

PIVOT POINT LEVELS FOR JUNE DOW:

Pivot:------------ 12,997
1st Support:------ 12,958
2nd Support:------ 12,910
1st Resistance:--- 13,045
2nd Resistance:--- 13,084

U.S. TREASURY BONDS AND NOTES

U.S. T-Bonds and T-Notes are weaker early today. Bulls this week had regained near-term technical momentum, but need to keep up the pressure.

June U.S. T-Bonds: Shorter-term moving averages (4- 9- 18-day) are bullish today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Oscillators (RSI, slow stochastics) are neutral early today. Shorter-term technical resistance lies at 111 24/32. Buy stops likely reside just above that level. More buy stops likely reside just above technical resistance at Tuesday's high of 111 29/32. Shorter-term technical support lies at Tuesday's low of 111 15/32. Sell stops likely reside just below that level. More sell stops are likely located below support at 111 8/32. Wyckoff's Intra-Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE T-BONDS:

Pivot:----------- 111 23/32
1st Support:----- 111 16/32
2nd Support:----- 111 09/32
1st Resistance:-- 111 30/32
2nd Resistance:-- 112 5/32

June U.S. T-Notes: Shorter-term oscillators (RSI, slow stochastics) are neutral to bearish early today. Buy stops likely reside just above shorter-term technical resistance at Tuesday's high of 108.14.0, and more buy stops are likely located just above resistance at 108.18.0. Shorter-term moving averages are bullish early today. The 4-day moving average is above the 9-day. The 9-day is above the 18-day moving average. Sell stop orders are likely located just below support at the overnight low of 108.07.5, and then more sell stops just below support at 108.00.0. Wyckoff's Intra Day Market Rating: 5.0

PIVOT POINT LEVELS FOR JUNE T-NOTES:

Pivot:------------ 108.10.0
1st Support:------ 107.07.0
2nd Support:------ 108.00.0
1st Resistance:--- 108.16.0
2nd Resistance:--- 108.19.0